Passage Of Unemployment Compensation Pay-Off Helps Job Creators
A Guest Column by State Senator Scott Oelslager
 
 
COLUMBUS - 

As a flurry of legislation passed both the Ohio House and the Senate last week, many bills came across my desk. However, I wanted to highlight just one yes vote that I cast in support of House Bill 390 to help advance job creators in our communities.

When the recession hit, unemployment compensation claims drastically increased and I began hearing from local business owners and employers about increased fees and penalties they were incurring.  Ohio also accrued debt as the state borrowed from the federal government to cover the costs.  The debt balance is currently around $315 million and estimated to be $225 million by Monday, September 15th.  This legislation puts in place the mechanism to ensure the debt will be paid off.  This will avoid the risk of businesses facing even higher federal penalties.

Included in the provisions to House Bill 390, the state will be directed to pay off the existing Federal Unemployment Compensation debt by September 15, 2016 using up to $250 million in Ohio’s unclaimed funds.  This will save businesses an estimated $400 million in 2017 with no risk to employers and no loss to Ohio’s valuable taxpayers.

Employers will certainly benefit from the reduction and elimination of federal penalties that have been a stress and burden to their overall industry.  This is a step in the right direction because we want our job creators to stay in Ohio, grow in Ohio, and hire in Ohio. Visit https://www.legislature.ohio.gov/download?key=5438&format=pdf for details of the plan that will truly help our economy.

As always, please do not hesitate to contact my office if you have any questions or concerns about the matters we are discussing at the Statehouse. I can be reached by phone at (614) 466-0626, by e-mail at Oelslager@OhioSenate.gov or by writing State Senator Scott Oelslager, 1 Capitol Square, Columbus, OH 43215.

 
 
 
  
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